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Circle Expects $3.3 Billion USDC Reserves to be Fully Available on Monday
The cryptocurrency company Circle announced on Sunday that all of its depositors at the defunct Silicon Valley Bank and Signature Bank (NASDAQ:SBNY) will receive their full deposits back and that the $3.3 billion USDC reserve deposit held at Silicon Valley Bank will be fully accessible on Monday when the banks reopen.
Circle's announcement follows a series of emergency measures taken by the American government on Sunday to restore confidence after the failure of Silicon Valley Bank and New York-based Signature Bank threatened to cause a systemic crisis.
The token was still redeemable at a 1:1 U.S. dollar peg, according to Circle, who claimed that it did not have any Stablecoin USD Coin (USDC) cash reserves at Signature Bank.
MACROECONOMIC DATA ANALYSIS
The new Chinese premier, Li Qiang, made an effort to reassure the nation's private sector on Monday by promising to improve the business environment and treat all companies equally. After three years of COVID curbs, Li, the former Communist Party chief of Shanghai, was sworn in as premier on Saturday during China's parliament's annual session. Li is charged with reviving the world's second-largest economy.
The New Zealand government is increasing financial assistance for approximately 1.4 million citizens in an effort to offset three decades of high inflation ahead of the country's election later this year. Inflation is nearing a three-decade high of 7.2%, and it is increasingly becoming a key political issue ahead of the October election, which polls indicate will be hotly contested.
CURRENCIES
The U.S. dollar plunged sharply on Monday morning as authorities intervened to contain the effects of Silicon Valley Bank's unexpected collapse. Investors are hoping that the Federal Reserve will adopt a less aggressive monetary policy. The US dollar index, which compares the greenback to a basket of six major currencies, dropped by 0.61% to 103.520.
GOLD
Gold prices rose to a one-month high in Monday’s early hours, recovering sharply from recent losses as markets bet that the United States looming banking crisis will force the Federal Reserve to soften its hawkish rhetoric in the coming days. Gold futures increased by 0.89% to $1,883 per ounce.
OIL
Oil prices increased slightly in Monday's late morning Asian trade, recovering from a poor start as a rebound in Chinese demand and a weaker dollar supported a market unnerved by the possibility of further increases in U.S. interest rates. Brent crude futures rose by 0.37% to $83.08 a barrel, while the West Texas Intermediate increased by 0.39% to $76.97 a barrel.
INDICES
USA: S&P500 -1.45%, Dow Jones Industrial Average -1.07%, Nasdaq Composite -1.38%
Europe: FTSE 100 -1.67%, DAX -1.31%, CAC 40 -1.30%
Asia: Nikkei 225 -1.67%, Hang Seng +2.09%, CSI 300 +0.96%, Nifty 50 -0.37%
Newest
Moderna president Stephen Hoge said in an interview on Monday that the company expects to price its COVID-19 vaccine in the United States at around $130 per dose in the future as government purchases shift to the private sector.
Hoge stated this in advance of a Congressional hearing on Moderna's pricing strategies chaired by Democratic U.S. Senator Bernie Sanders. "There are different customers negotiating different prices right now, which is why it's a little bit complicated," he added.
Market confidence increased on Monday as a result of government efforts to prevent a global banking crisis. Investors welcomed the historic Swiss-backed purchase of troubled Credit Suisse by UBS Group as well as the emergency dollar liquidity provided by leading central banks.
UBS will pay 3 billion Swiss francs ($3.23 billion) for the 167-year-old Credit Suisse Group AG and take on up to $5.4 billion in losses as part of a deal arranged by Swiss regulators on Sunday.
